Retailers that did not see as much of a Black Friday bump included luxury and women's apparel retailers, she told CNBC's "Squawk Box."

"Luxury brands obviously don't play in Black Friday weekend," Telsey said. "They play as you get closer to Dec. 25. Women's apparel retailers are for self-purchase. They're not as much for gifting so you're not going to see the traffic there."

Results In for Big Holiday Shopping Weekend

CNBC's Courtney Reagan has results from the first official weekend of holiday shopping. Dana Telsey, Telsey Advisory Group, weighs in.

Overall, Telsey said she thought traffic was a little bit lighter compared to 2011's numbers.

Reports about the shopping holiday's success were mixed. The National Retail Federation reported a surge in spending for the weekend to $59.1 billion from $52.4 billion last year, while research firm ShopperTrak reported a 1.8 percent decrease in retail sales on Black Friday.

"I think there's a long way to go, but certainly, I think, this season — it's going to be a battle almost every single day as you keep getting through to those 10 days before the 25th," she added. "I think we go into a lull period now before you get the big sales coming again."